Cyber insurance is an insurance which covers breach costs, costs to repair hacker damage, cyber liability, privacy protection and other costs that are caused by different types of cyber criminal.
And why it is important for small businesses to have cyber insurance?
Even though big companies are mostly attacked by hackers, small companies are as well. And when a small company is attacked and there is serious damage, that company won't be able to cover the costs and there is risk the company to be shutdown. But, cyber insurance helps SMB to cripple the financial effect.